Majority of Adults Have Less than $5,000 in Savings, PenFed Credit Union Survey Finds

The majority of adults have less than $5,000 in savings, according to survey results from PenFed Credit Union.

However, when asked about their outlook on the future, say they plan to save more this year over last year.

PenFed, the nation’s second-largest federal credit union, has presented results from a nationwide survey on consumer behaviors and opinions related to savings. Nationally recognized market research firm McLaughlin & Associates conducted the survey on behalf of PenFed.

Here are some of the findings:

On average, adults, including households with dual incomes, have $8,700 set aside in savings. The majority of adults (62%) have less than $5,000 in savings. One in five (20%) has more than $20,000 in savings.

There is approximately a $9,100 savings gap between household incomes under $40,000($3,100) and over $40,000 ($12,200).

College graduates have two and a half times more in savings than adults without a college degree ($13,300 to $5,200).

Four in five (82%) adults put money aside in savings over a course of a year. The majority (61%) say they are monthly savers. One in five (18%) never save money.

The results show adults are optimistic about their future savings. Half (51%) expect to save more this year than last year. A little less than one-third (30%) expect to save the same amount, and only 10% expect to save less than last year.

“You never know when life will throw you a curve ball. It’s important to have extra money set aside in case of emergencies,” said Stephen Simpson, CFP, AAMS, Vice President, Affiliated Businesses with PenFed.

This can be tough advice to follow, though, in a society where too many are living “paycheck to paycheck.”

 

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